FINANCIALS: Kelly Services posts slight fall in revenue

Recruitment giant Kelly Services has posted a marginal decrease in revenue year-on-year, according to Q2 2019 results.

The results, released yesterday, reveal revenue for Q2 2019 of $1.4bn (£1.15bn), down 1.4% and 0.2% in constant currency on the same quarter of 2018.

The group notes second quarter 2019 results include the impact of the January 2019 acquisitions of NextGen and Global Technology Associates, and excluding these acquisitions the group saw adjusted revenue decline 4.2% in the second quarter, or 3.1% in constant currency.

The group reported earnings from operations for Q2 2019 of $34.8m, compared to $20.4m in Q2 2018. Included in this figure is a $12.3m gain on sale of assets, primarily relating to the sale of unused land, and a $0.6m benefit from the reversal of a portion of the restructuring charge taken in Q1 related to revitalising the Americas Staffing delivery model.

Excluding the gain on sale of assets, restructuring charges and recent acquisitions, the group posted adjusted earnings from operations of $17.7m, down 14% on the same period in 2018.

Commenting on the group’s performance, outgoing Kelly president and CEO George Corona said: “We’re pleased with the growth in gross profit, earnings and the improved free cashflow we delivered during the second quarter.

“We continued to effectively manage costs and successfully integrated our two recent acquisitions that are outperforming expectations and making a strong impact on our business.

“Our focus for the remainder of the year is on advancing our specialty talent solutions strategy to further accelerate the growth of our business.”

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